What can be said about the value of the dependent variable for values of the independent variable that are outside the range of the sample values? Explain.

 Regression and Correlation Analysis

Select and use one independent variable throughout this analysis. Use Excel to perform the regression and correlation analysis to answer the following. The week 6 spreadsheet can be helpful in this work.

Generate a scatterplot for the specified dependent variable (Y) and the selected independent variable (X), including the graph of the “best fit” line. Interpret.

Determine the equation of the “best fit” line, which describes the relationship between the dependent variable and the selected independent variable.

Determine the correlation coefficient. Interpret.

Determine the coefficient of determination. Interpret.

Based on the findings in steps 1-5, analyze the ability of the independent variable to predict the dependent variable.

Compute the confidence interval for b, using a 95% confidence level. Interpret this interval.

Compute the 99% confidence interval for the dependent variable, for a selected value of the independent variable.

What can be said about the value of the dependent variable for values of the independent variable that are outside the range of the sample values? Explain.

Describe a business decision that could be made based on the results of this analysis. In other words, how might the business operations change based on these statistical results.
The report should explain and interpret the results in ways that are understandable to someone who does not know statistics.